Maxwell Technologies, Inc. (Nasdaq: MXWL) reports net income of $633,000, or $0.03 per share, on revenue of $15.1 million for its fourth quarter ended December 31, 2006, compared with a net loss of $1.1 million, or $0.06 per share, on revenue of $12.6 million for the same period in 2005.
BOOSTCAP® ultracapacitor revenue for the quarter totaled $5.4 million, compared with $3.2 million for the same period in 2005, an increase of 53%, year-over-year, from $12.1 million in fiscal year 2005, to $18.5 million in FY2006.
“Heavy transportation, wind energy and telecommunications applications were mainly responsible for ultracapacitor revenue growth in 2006,” said Dr. Richard Balanson, Maxwell CEO. Although it appears that ultracapacitor revenue will be lower in Q1 than it was in Q4 as a result of a major customer’s internal production delays unrelated to ultracapacitors, we expect sales into those key applications to be major drivers in accelerating demand exiting Q1 and for the remainder of 2007.
While overall growth prospects for the full year remain bright, we expect company revenue for the first quarter ending March 31 to be lower than it was in the fourth quarter, due to the combined effect of the aforementioned delayed ultracapacitor shipments and Microelectronics revenue returning to its normal run rate after a higher-than-normal Q4 as a result of catch-up payments for the U.S. weather satellite program.”
“Ultracapacitor-based solutions are demonstrating the ability to improve the efficiency of virtually any device or system that consumes electrical energy, so we are moving aggressively to expand internal and external production and distribution capabilities to ensure that we are able to build market share and satisfy anticipated growth in global demand,” Balanson said. “Meanwhile, we continue to balance long-term investments in design and development programs for future automotive applications, which represent ultracapacitors’ largest long-term growth opportunity, with projects to support more immediate production ramps in the heavy vehicle, electric rail, wind energy, telecommunications and other markets that are driving near-term revenue growth.”
Gross margin increased, quarter-to-quarter, from 20 percent in Q306 to 24 percent in Q4, reflecting ongoing improvements in ultracapacitor manufacturing costs and production efficiency. Cash and investments in marketable securities totaled $19.4 million as of December 31, 2006, compared with $20.8 million as of September 30, 2006.
Management will conduct a conference call and simultaneous webcast to discuss fourth quarter and fiscal year 2006 financial results and the outlook for 2007 at 5 p.m. (EST) today. The call may be accessed by dialing toll- free, (800) 896-8445 from the U.S. and Canada, or (785) 830-1916 for international callers. The webcast may be accessed via the following link:
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